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XM Broker Review

Review By: Percy Review Updated: September 9, 2019

Address: 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus

Phone: +357 25029933

Forex Stocks CFD Social Trading

Spread

1

Max. Leverage

1:300 Pro

Deposit Protection

£50,000

Min. Deposit

£100

Spread

0.6

Max. Leverage

1:300 Pro

Deposit Protection

£50,000

Min. Deposit

£100

Spread

1

Max. Leverage

1:30

Deposit Protection

£50,000

Min. Deposit

£100

Our Overall Rating

Rating 4.4
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XM operates globally and has over 2,500,000 clients. Founded in 2009 their growth has been largely driven by doing the simple things well. In a very competitive sector the XM group have thrived by offering a high level service and providing it within a straight forward framework.

XM Broker Review | Introduction Page | We Compare Brokers

Demonstrating its international appeal the firm is regulated and authorised by a range of financial authorities including ASIC in Australia (Trading Point of Financial Instruments Pty Limited) and by CySEC in Cyprus (Trading Point of Financial Instruments Ltd). It has a variety of trading names across different markets, the extent of the XM network being demonstrated by the fact the group has clients in more than 196 countries and offers client support in over 30 languages.

Client focus is important to XM. The firm sets out to ensure its reporting is transparent and that clients receive the best service possible regardless of the size of their account. There are opportunities for traders to attend roadshow events and meet face to face with XM staff.

The straightforward support extends to the trading experience. There are over 1,000 instruments available to trade using market leading platforms. Account registration and administration is designed to be as low-maintenance as possible and clients benefit from negative balance protection.

There is an extensive range of research materials available and 24/5 customer support. Novice and experienced traders alike will find the functionality of the site helps them get to where they want to be.

XM’s 2 million plus client base represents a significant achievement for any broker. Recognition though also comes in the form of the many industry awards XM has won. Showing no signs of resting on their laurels the group has continued to collect prizes including in 2019, Best Broker award by FinTech Age Awards 2019, Best FX Broker, Europe by World Finance Awards 2019 and Best FX Broker, Australasia by World Finance Awards 2019.

XM Broker Review | Awards & Accolades | We Compare Brokers

Commissions & Fees

Rating

The commissions and fees vary across the different XM accounts. In an effort to offer clients an extensive choice of account profiles XM offer four accounts types under its Australian regulatory umbrella and four more under the Cyprus one. Potential clients therefore have some work to do to run a comparison but are helped by XM presenting the information in a clear and transparent way.

Spreads across all assets are variable. The minimum spread is zero pips and can be found in the more liquid markets such as EUR USD. The pricing in forex markets goes to five not four decimal points, the ‘Fractional Pip-pricing’ offering traders the benefit of trading the markets without the bid and offer prices being rounded up too hastily.

XM Broker Review | Spreads & Pips | We Compare Brokers

The broker relays to its clients the price that it sees reported in the market site, this absence of ‘re-quoting’ helps users of the platform keep trading costs as low as possible. The use of variable spreads also helps in terms of order quality, during peak volatility the spread may widen (compared to a fixed spread) but should still be effective.

The below table gives an idea of the lay out of the XM’s pricing schedule which shows them to be in line with their immediate peer group. The only downside of such thorough transparency is that there is a lot of information for new clients to analyse. It’s worth the time though.

Full pricing schedule can be found: https://www.xm.com/spreads

What do you think of our XM review so far?  If you have any experience of XM please share it below to help other traders make an informed choice.

XM Broker Review | XM Trading Spreads | We Compare Brokers

Platforms & Tools

Rating

XM clients are provided with the ever-popular Meta Trader platforms (MT4 and MT5) which can be downloaded as a desktop version or accessed through the Webtrader format. The latter can be accessed through any internet browser and offers a very similar trading experience to the downloadable version.

XM Broker Reveiw | XM Trading platforms | We Compare Brokers

Meta Trader has the uncanny knack of being very accessible to the beginner but also having enough to offer to keep even the most experienced trader happy. There are a range of nice-to-have options such as ‘one-click trading’ and that the service is available in over 40 languages. The real strength of the Meta Trader platforms is the powerful software tools on offer, especially the Indicators. Analysis done using Mata Trader 5 can take advantage of 38 technical indicators and 44 graphic objects.

XM Broker Review | MT4 Indicators ! We Compare Brokers

XM Broker Review | Extensive Indicators | We Compare Brokers

Meta Trader 4 comes with 30 built-in indicators and in excess of 2 000 free custom Indicators. There are also 700 paid for Indicators, all allowing traders to analyze the market to their preferred level of complexity. In addition to these Indicators there are 24 analytical objects such as lines, channels, the Gann and Fibonacci tools.

XM Broker Review | Platforms for All | We Compare Brokers

Meta Trader platforms are renowned for their support of automated trading programs. Traders looking to hook up their own models to the platform are only a click away from the MTQL5 site that provides extensive resources to help traders take up this option. Those looking for a more hands off approach can take advantage of the MT automated trading program Expert Advisors where signals can be provided (at cost) to client accounts.

XM Broker Review | MQL5 Example Page | We Compare Brokers

Despite all the powerful software the trading interface is uncluttered. The combination of ease of use and powerful software tools helping keep Meta Trader platforms the most popular retail trading platforms in the world.

Customer Service

Rating

Customer Support is provided whenever the markets are open. The global network of support that runs on a 24/5 basis is offered in over 23 languages.

XM Broker Review | International Customer Service | We Compare Brokers

The FAQ section of the site is well thought out and likely to address a lot of issues. Those that do need further assistance can access it through Live Chat, email or by telephone. During testing we found the support staff to be informed, responsive and customer focused. Issues, including those that were more technical in nature, were usually resolved at the first time of asking.

XM Broker Review | International Support Offices | We Compare Brokers

What do you think of our XM review so far?  If you have any experience of XM please share it below to help other traders make an informed choice.

Research

Rating

Our XM reviews has shown that XM provide a comprehensive suite of research and educational materials.

XM Broker Review | XM Research & Education  | We Compare Brokers

The Research is very current and has a feel of keeping up to date with recent news events. The XM analysts providing analysis based on both Technical and Fundamental approaches.

XM Broker Review | Daily Broker News | We Compare Brokers

The research and analysis notes cover general market trends but also dig down to specific asset classes. They are provided in a variety of formats including very useful ‘The Week Ahead’ style videos designed to make traders aware of the events that might impact their positions.

XM Broker Review | XM Tech Analysis |  We Compare Brokers

XM Broker Review | Aanlysis Videos | We Compare Brokers

XM Group gain points for remembering to provide materials for more experienced traders as well as newbies.  The ‘Education Room’ for example provides an insight into a live trading room experience.

XM Broker Review | Educational Chat Rooms | We Compare Brokers

Provision of an Economic Calendar is fairly standard but the XM Forex calculators, including Pip Value Calculators are a nice touch. In fact, the layout of the whole research and learning section makes trader development easy and as it’s free to access is certainly worth a look and can be accessed here, https://www.xm.com/research#.

Financial news and alerts tools are also provided by MetaTrader 4. When these are combined with the XM research package it all adds up to the XM service offering clients the tools needed to keep up with the latest market events and ideas.

Ease of Use

Rating

XM Group has tailored its account types to match each region that it operates in. All accounts deliver a trading experience that is provided through the Meta Trader group platforms. The number of available markets exceeds 1,000 and covers a range of assets that confirms XM as a multi-asset class of broker.

There are in excess of 55 forex pairs available to trade, supporting those that want to access Major, Minor and Exotic currency pairs.

Currently CFD equity markets total 1,203 and single stock markets range from to A&NZ Bank in Australia to Sandvik in Sweden. Equity indices can be traded as well – there are 18 Cash CFD markets and 12 Futures CFDs.

Soft commodity markets are traded in CFD form and range from Cocoa to Wheat, there are also 5 Energy markets available and Spot Metals as well.

The range of assets is less than might be found at some brokers, but more than at others. One particularly neat feature of the WM site is the terms and conditions are clearly laid out and easy to digest.

XM Broker Review | Easy Read Data Charts | We Compare Brokers

XM Broker Review | Data Sheets | We Compare Brokers

Those specifically looking to trade cryptocurrencies would do well to contact the helpdesk. Traders in some domiciles cannot trade crypto through XM.

Account terms and conditions will be a function of the account holder’s domicile and the broker provides a schematic which offers a high-level breakdown of the situation.

XM Broker Review | Comparison Sheet | We Compare Brokers

Clients are offered a choice of four accounts: XM Zero, Micro, Standard and XM Ultra Low. Trading can be done in Nano account and Islamic account format at client discretion.

XM Broker Review | Account Options | We Compare Brokers

Again, each has different terms and conditions, an example of what options face Australian clients is found below.

XM Broker Review | Australian Account Options | We Compare Brokers

XM like to keep their clients informed. This means there is a risk of ‘information overload’ but given the important nature of the information XM gain marks for laying it out as well as they do.

Leverage is scaled according to account size:

The brackets below indicate the maximum leverage offering a client can receive based on his equity:

1:1 to 1:500 ($5 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001 +)

And by asset type:

1:30 Forex Major Pairs
1:20 Other Forex Pairs
1:20 Major Indices
1:10 Minor Indices
1:20 CFDs on Gold
1:5 CFDs on Shares
1:10 CFDs on Commodities

All new clients are able to set up a free demo account, the process taking only moments to complete. Even traders on the Demo version of the service can gain exposure to the many supporting functions such as Economic Calendars, trading indicators, research notes and educational/informative webinars. A plus point for XM is that their Demo account does not have an expiry date.

Clients who maintain a balance of US$ 5,000 or equivalent are eligible to request a free VPS account. There are some volume related terms and conditions that most active traders will comply with.

Mobile Trading

Rating

XM Broker Review | Mobile Platforms | We Compare Brokers

The XM App is free to download and available in both Demo and Live account format. It is available in iOS and Android format for Tablet and Smartphones.

The Meta Trader desktop platform is all about supporting traders, helping them analyse the markets and seamlessly execute trades. The mobile app also works off those same principles.

XM Broker Review | Mobile App Display | We Compare Brokers XM Broker Review | Mobile Example Screen | We Compare Brokers XM Broker Review | Mobile Simplicity | We Compare Brokers XM Broker Review | Mobile Flexibility | We Compare Brokers

Meta Trader 5 for iPhone/iPad provides 30 indicators. Meta Trader 4 for Android and iOS Apps is supported by 30 technical indicators and 24 analytical objects such as lines, channels, geometric shapes, as well as Gann, Fibonacci and Elliott tools. To ensure all this information can be used effectively the screen can be set to Landscape as well as Portrait format.

XM Broker Review | Portrait Option on Mobile | We Compare Brokers

The mobile experience offers more than just trading. Among other things, it’s possible to connect to brokers’ services, analyse markets, use their powerful charts and technical indicators, and view the history of your trading operations.

XM Broker Review | Linking Systems | We Compare Brokers XM Broker Review | Mobile Broker Options | We Compare Brokers

 

Robo Trading

Automated trading through the use of algorithmic models is one of the strongest features of Meta Trader 4. XM Clients can develop, test and apply technical Indicators and Expert Advisors.

Expert Advisors (EAs) are programs that run on the MetaTrader 4 platform which ‘listen’ to the markets. They report trading opportunities that match predetermined parameters (set by the trader) and either notify the trader or execute automatically.

XM Broker Review | Robo Trading | We Compare Brokers

To help traders develop their own programs there is a built in Meta Editor tool which includes support tools such as a debugger. Subsequent stages involve the testing of the strategy and fine-tuning / optimization.

XM Broker Review | Copy Trading | We Compare Brokers

The good news for those that master the process is that there is always the option of selling profitable models to other traders.

It is currently not possible to use XM Group accounts to link up with third party Copy Trading platforms such as Zulu Trade.

XM Broker Review | Copy Trading with XM Group | We Compare Brokers

[Copy Trading comes with specific risks associated with account holders giving up a degree of control over their trading decisions]

What do you think of our XM review so far?  If you have any experience of XM please share it below to help other traders make an informed choice.

Crypto Currency

Exposure to cryptocurrencies is dependent on the domicile of the account holder. For those that can trade leverage is restricted.

Regulatory details

The group is authorised and regulated by Cyprus Securities and Exchange Commission (Cysec), Australian Securities and Investments Commission (ASIC) and International Financial Services Commission (IFSC). Client accounts will fall under one of these regulatory umbrellas depending on the domicile of the user. The Cysec and ASIC rubber stamps are significant as these have a very strong reputation.

XM provides some risk mitigation tools as part of the standard service. The Negative Balance Protection, for example, means traders cannot lose more than they deposit. This attention to Operational risk is a good thing but is tempered by the fact that the Regulatory framework whilst very good is a little distance off being of the very highest grade. For example, both ASIC and CySec offer less protection on client funds than the Financial Conduct Authority does in the UK. Other marks against XM group are that they are not and bank and nor are they a publicly traded company which means they are not subject to the same amount of scrutiny and reporting conditions than if they were listed on an exchange.

Final Thoughts

XM’s global popularity is based off them providing their clients with a high quality trading experience. The much loved Meta Trader platforms are an ideal route into the markets. It’s the most used retail trading platform in the world so ticks most boxes for most people.

The trading experience is excellent. In some markets the XM Group has very competitive pricing but across the board they would be described as in line with their peer group in terms of fees and commissions. There are a host of additional extras which will appeal to many traders. Negative Balance Protection is provided, the trade execution policy is on the side of the client and the research and educational materials are engaging and comprehensive in nature.

The number of non-forex markets available will be sufficient for the vast majority of traders though some might find the coverage isn’t quite extensive enough. Some domiciles don’t support Crypto trading and there are a few, negative marks in terms of the regulatory structure.

The Demo account does not have a time limit and is free to use. This means it is easy to try out the XM Group service and find out just how convenient and client focused it is. We hope you have found our XM review useful?  If you have any experience of XM please share it below to help other traders make an informed choice.

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Ratings

Rating
  • Commissions & Fees Rating
  • Platforms & Tools Rating
  • Customer Service Rating
  • Research Rating
  • Ease of Use Rating
  • Mobile Trading Rating

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